UltraTech's (UTCEM) Q1FY19 standalone EBITDA rose a modest 4% YoY, as weak pricing amid elevated cost inflation moderated the positives of 33% YoY volume growth (core volume up ~7.5% YoY). Continued improvement in energy consumption metrics and lead distance reduction partly moderated the impact of rising energy costs YoY. Amid a good demand outlook, we expect UTCEM to deliver an industry leading 14% volume CAGR during FY18-20E. We also expect UTCEM's margins to benefit from better pricing (H2FY19...